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Bill targets credit reporting agencies for consumer data leaks

Joe Mont | January 10, 2018

On Tuesday, U.S. Sens. Mark Warner (D-Va.) and Elizabeth Warren (D-Mass.) introduced the Data Breach Prevention and Compensation Act, legislation intended to hold large credit reporting agencies (CRAs)—including Equifax—accountable for data breaches involving consumer data.

The bill would give the Federal Trade Commission more direct supervisory authority over data security at CRAs, impose mandatory penalties on CRAs that fail to protect consumer data, and provide robust compensation to consumers for stolen data.

In September 2017, Equifax announced that hackers had stolen sensitive personal information – including Social Security numbers, birth dates, credit card numbers, driver’s license numbers, and passport numbers – of more than 145 million Americans. Since 2013, Equifax has disclosed at least four separate hacks in which sensitive personal data...

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